U.S. equity markets plunged Thursday with the selloff accelerating in the final hour of trading as investors reacted to a resurgence in COVID-19 infections as more states reopened and also after the Federal Reserve warned of a slower economic recovery.

The Dow Jones Industrial Average fell 1,861 points or 6.9 percent, the fourth worst one-day point drop on record. The S&P 500 and the Nasdaq Composite sank 5.89 percent and 5.27 percent, respectively. The selling marked the sharpest one-day decline for the major averages since March 16.

All of the S&P's sectors fell, led by financials, energy and materials. Oil took a sharp turn lower with West Texas Intermediate crude oil sliding 8.23 percent to $36.34 a barrel.

The major averages finished mixed on Wednesday, with the Nasdaq closing above 10,000 for the first time, after the Federal Reserve said interest rates would remain near zero through 2022 to support the economic recovery.

President Trump, a frequent critic of the central bank who has long pushed for low-interest rates, nonetheless disputed the Fed's prediction that the comeback would be prolonged; he promised Twitter followers an upswing as soon as this fall. Read more at FOX Business